Paying attention to # 3 is a good way to help you improve your business cash flow. Tracking the period of time between when the invoice comes in and when you pay it, can help you identify areas where you could possibly be saving money. Perhaps you can negotiate a deal with the vendor of if you pay up front, you get a % discount off. Or perhaps the vendor is willing to extend a “net 30” repayment period to “net 60.” Either way tracking time in your AP/AR will help you better fine tune your business cash flow.

I was hesitant to move to the cloud 3 years ago. Now that I have, I can’t imagine being tied down to one location. I now have the freedom to travel and operate my business from anywhere in the world. It truly allows me to enjoy the best of both worlds…entrepreneur and explorer!

A quick and easy 89-page read, Out Of The Red: Management Accounting Concepts To Keep Small Businesses Out Of The Red by Pam Newman (Certified Management Accountant and a Certified Financial Manger) is an ideal introduction for anyone wanting to begin their own business. Key concepts such as “Break-Even Point”, “Cash Flow”, “Profit Margin”, and other aspects of accountancy are presented in a clear, informed and informative text that is accessible to the non-specialist general reader. Whether aspiring to begin a business, newly engaged in a commercial enterprise, or in need of a “refresher” of business management accounting principles and practices, Out Of The Red is strongly recommended reading that will prove of immense and immediate practical value.